In the fluctuating interbank trading on Tuesday, the Pakistani rupee after showing an early robustness soon slumped against the US dollar and lost 48 paisas in its value, reported 24NewsHD TV channel.

According to the State Bank of Pakistan, the fleeing money market first tilted in favour of the rupee but soon the PKR euphoria vanished, giving rise to the US dollar which gained 48 paisas in its value and ended the day at Rs287.91 in the interbank.

https://twitter.com/StateBank_Pak/status/1688869370356023296

Yesterday, the Pakistani rupee depreciated by 46.3 paisas against the US dollar which settled at Rs287.43.

https://twitter.com/StateBank_Pak/status/1688512932538433537

The rupee’s decline could be attributed to high demand for US dollars by importers and dwindling forex reserves. 

The State Bank of Pakistan’s liquid foreign exchange reserves have reached $8,153.8 million after decreasing by $32 million during the week ended on July 27, 2023.

The SBP’s foreign reserves decreased mainly on account of debt repayments.

On the other hand, the KSE-100 has also shed 496.36 points or 1.03% DoD by 10:30 am today, and is currently standing at 47,889.89pts level.

Reporter Ashraf Khan